Why Open a Seniors Account

Canada has one of the most developed economies in the world. Its banking industry has also grown exponentially to accommodate the diverse population of 31.6 million. Senior citizens, the section of the population above 60 years, account for 15% of the entire population according to the government statistics published in 2011. The numbers are dynamic with a progressive increase in population thus necessitating the banks to cater to this unique group.

One initiative by the banks to access this group is offering senior’s account. Why Open a Seniors Account? This is a tailor-made savings account that caters exclusively for members who are mostly on retirement. This is good news to persons over 60 years since most of the charges that are billed on ordinary savings accounts are waived.

Many banks also accord senior citizens special privileges that are distinct from those of regular account holders. For example, ICICI bank offers a special senior citizen desk that offers all banking transactions. The bank also allows free and unlimited transactions at any branch besides having a money multiplier facility that ensures a high interest rate and at the same time guaranteeing that the money is easily accessible. This definitely eases banking for senior citizens and makes their savings worthwhile.

Retirement and old age should not be a time for languishing in financial problems and debt but of relief and prosperity. Banks are committed to ensure that senior citizens not only enjoy financial independence and efficient services but also earn high interest from their hard earned savings. The CIBC bank account ensures that senior account holders get free bank drafts and money orders when maintaining active accounts and also avail two free transactions per month on the CIBC US$ Personal account. The CIBC 60 Plus Advantage® not only provides free record keeping including paperless option on the CIBC Everyday Checking Account but also two free transactions per month on the CIBC Premium account.

Most of the banks have taken measures to ensure all senior citizens are well catered for. Every senior citizen in Canada should take these opportunities and use them to improve his or hers finances. Most importantly, these benefits only take effect if the account user registers with the bank. It is prudent that senior citizens check with their respective banks in order for them to activate these accounts and take advantage.

In addition to this account, the government offers the tax free savings account that augments to the benefits senior citizens receive from the financial industry. In general, it’s highly beneficial to all senior citizens to make use of a senior account to secure them financially in old age.

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